Hodge: "It seems like what he says about the cultural norms of financial advisers that it does not seem like, it is not just universally a case, but there is not such a significant amount of cases?
Wilkins: "I think the financial advice industry is improving. I think it was a transaction-by-transaction type arrangement where it came from, including curation, trail commissions, and in the case of the environment, there was no hope of delivering services to the trial commission..
Hodge: "If we do not switch fees for the service, we cut it in its heart, financial advisors were efficient distribution networks or channel for insurance products and channels?
Hodge: "And were the commission paid to them by distributors of property products or insurance products to distribute products to consumers?
Hodge: "And they did not – did they usually pay the Trail Commission as part of it?
Hodge: "And do not need to provide service to the customer in the exchange of Trail Commission?
Wilkins: "Commissions were being paid by the production manufacturer. That's right. It was paid by the product manufacturer.
Hodge: "Do not they need to offer any service to the customer?
Therefore, those who work in the financial consulting industry are so upset that they can not understand the basic standards.
I think we already knew that.
Hodge: "You're surprised, however, why would you need to tell your advisors that if they charge a fee for a service, then they have to provide the service?
Wilkins: "It's normal expectation that people will understand it."
Hodge: "It is difficult to think about any business or group of people outside of financial advisors who think that they charge money for a service, is it OK to serve?"
Wilkins: "You think where the fees are accepted, the service will be delivered."
Hodge: "What businesses are they using?"
AMP's advisers did not know that they can not charge for the services provided – Bose
AMP's advisors lacked education to understand that they can not charge fees for services they do not provide
Hodge noted that AMP had tried to "jump" on the Future of Financial Advice Laws – which were released in 2012 – by getting off the commission and switching to a fee service in mid-2010.
Hodge says that he feels weird that AMP has clearly stated at the top of the law that AMP advisers took five years to understand that they need to provide services in exchange for a fee.
Wilkins: "I think many of them understood it, but there was not even a number, and such academic standards improved, the policies and procedures implemented by AMP have been tightened, we have seen improvement in it."
(What level of education do you need before you know that you can not charge the charges for those services?)
At any rate, AMP and ASIC are yet to agree on some final policy issues related to the therapy program, so AMP is still treating consumers according to its original approach, which will take Nine years Give treatment to everyone over three years.
Hodge: "Do you think it's a satisfactory situation?
Wilkins: "I want to finalize the contract with ASIC."
Hodge: "Why did AMP first demand to exclude them?"
Wilkins: "We believe that less than $ 500 in respect of total fees, it was more likely to have general advice rather than personal advice, and can be excluded from the process."
AMP tried to remove some customers from the treatment
Despite the feeling of how badly the customers have been affected, AMP is still trying to exclude some clients from the program this year, with its slow way of getting treatment.
In September, AMP was trying to exclude customers paying less than $ 500 for financial advice from the review and treatment program.
During the period from 1 July 2008 to 31 December 2017, it was the total amount of fees related to contracts 158 million dollars, Affects 271,000 customersO
However, the ACK said that it should not be excluded from customers.
AMP has now agreed to include those customers.
I believe that it means that the customers who had to wait 17 years for the treatment would have to wait for 13 years now?
Therefore, the "Fix and rebild team" was created in May 2018, and AMPO had committed to ASIC that the customers would be treated Within three years.
Amp is expected to be able to complete the therapy within three years of July 1, 2018.
There are 150 employees working in its treatment, and the revised total estimate of the cost of the program is now 778 million dollars
It includes the cost of conducting the program within three years.
Therefore, in June this year, the board was told that AMP needs a significant resettlement of its review and treatment program.
(I wonder how much of that advice price?)
Hodge Wilkins asks for informal-slow times taking care of AMP for the treatment of consumers.
Part of the problem with AMP's perspective is that it is extremely difficult to track all customers who charge fees for any service.
AMP's systems are very poor.
It leads to this wonderful fact.
AMP takes a very long time to work with it, MMP has realized that there may be some customers who may have been charged fees but did not have the potential opportunities to provide services in early 2008. That they may take 17 years after the charges are charged to treat their fees.